INSOLVENCY specialist Quantuma has secured the sale of What-a-Waste, a plastic recycling company based in the Midlands that entered into administration.
The company had made a number of changes to reduce costs and increase sales in recent years. However, in early January 2015, the oil prices and demand for plastics recyclable commodities dropped significantly, which had a detrimental impact on the company’s cash flow.
Consequently, following a review of the business and a period of marketing, Paul Goddard and Carl Jackson [pictured] were appointed as joint administrators of What-a-Waste on 18 August 2015. A sale of the business was achieved on the same day to Plasticity (Worldwide).
Paul Goddard, said “Despite implementing a number of changes to reduce costs and increase sales, due to external market factors the company was unable to overcome the pressures on its cash flow.
“The business was reviewed and a buyer was secured for the business. This represented the best outcome in challenging circumstances. We are delighted that all jobs have been saved with the transfer of staff to Plasticity (Worldwide) Limited and the business can now move forward on a secure financial footing”.
Earlier this week, administrators from Quantuma announced the sale Bay Point Club, the Kent-based sports and social club that entered into administration on 4 June.
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